The New York Stock Exchange will use only the Avalanche blockchain to settle tokenised stocks on a 24-hour trading platform it is set to unveil soon, the Wall Street Journal reported on Sunday.
The report said the platform is expected to be launched within the fourth quarter if it receives approval from regulators. Trades will be executed using existing NYSE technology, and settlement will be processed instantly on Avalanche.
Kevin Tyrrell (케빈 티렐), NYSE chief product officer, said NYSE chose Avalanche after testing multiple providers. He cited its strong speed and throughput, and its support for a controlled network that meets regulatory requirements.
NYSE applied in January for approval of a tokenised securities platform in the form of an alternative trading system. Investors will be able to trade 24 hours a day, seven days a week on the platform. They will also be able to pay for trades mainly with stablecoins, cryptocurrencies whose value is pegged to the U.S. dollar.
Chi-gyu Hwang
delight@d-today.co.kr